Q&A: Neil Radley, CEO, Jaja Finance
Jaja Finance is on a mission to redefine the consumer finance experience and liberate people from needless complexity, wasted time and frustration, Neil Radley tells RTIH
NR: We will be launching a digital credit card next year which will be managed entirely through the Jaja mobile app and purpose-built for the needs of customers. There are no complicated forms to fill in and new customers can be up and running within minutes, requiring only a driving licence or passport to get started. It will also have a range of features designed to help users track and manage their spending, including a real-time view of transactions, the ability to tag or search transactions and intelligent notifications.
We also recently launched Jaja Pay, a white-label consumer credit product which lets online retailers use rapid credit provision (married to responsible lending requirements) at checkout as a way to engender loyalty and incremental sales among online shoppers.
Asda is currently using Jaja Pay to offer a credit facility to anyone shopping on George.com, the retailer’s online clothing, furniture and toys store. The initial application with pre-approval takes less than a minute. The customer can then start using their line of credit immediately. As an added incentive, shoppers will receive an introductory 90-day interest-free period for purchases on George.com.
RTIH: What was the inspiration behind setting the company up?
NR: We were very aware that there had been very little innovation in the UK credit card market for many years and that the only competition had been around the length of 0% balance transfers. Meanwhile, the extraordinary growth of Revolut and Monzo in the pre-paid space had shown the willingness of consumers to embrace new customer-focused services.
"The biggest challenge in any fast moving FinTech business is managing priorities. We have a talented team with no shortage of energy and ideas. But we have to stay focused and execute the agreed priorities"
RTIH: What has been the industry reaction thus far?
NR: The industry response has been very encouraging. We've enjoyed considerable interest and are now backed by a number of highly respected investors. We were also invited to join Visa’s ‘FinTech fast-track programme’ alongside other FinTech innovators such as Revolut. The programme is designed to help early stage startups gain access to its global payments network and infrastructure.
The response to Jaja Pay has also been very positive, including the recent launch with Asda and various conversations ongoing with other major retailers.
RTIH: What has been your biggest challenge/setback?
NR: The biggest challenge in any fast moving FinTech business is managing priorities. We have a talented team with no shortage of energy and ideas. But we have to stay focused and execute the agreed priorities.
RTIH: What are the biggest challenges facing the omnichannel retail sector right now?
NR: The omnichannel retail industry is having a tough time right now. It is under pressure to deliver an exceptional customer experience while also facing considerable cost pressures thanks to weak consumer confidence and intense competition. More than ever before, retailers are looking at how technology can help give them an edge and drive sales.
RTIH: What's the best question about your company or the market asked of you recently by a.) an investor and b.) a customer?
NR: We've been fundraising for a few months now and recently launched a crowdfunding campaign on Seedrs so we've faced a lot of questions. One investor asked whether it was possible to simultaneously attack both the consumer credit card space and the retail sector. Our view is that it is the same underlying technology and we are simply exploiting different touchpoints to acquire users.
We've had all kinds of interesting questions from the people that have joined our waitlist for the credit card. They are keen to know more about the features and in many cases are also telling us what is important to them.
RTIH: What can we expect to see from Jaja Finance over the next 12 months?
NR: You can expect to see more announcements from us regarding major retailers that have signed up to use Jaja Pay. And you'll see a truly digital credit card that puts the customer first with a range of features that make their lives easier and help them better manage their money. So watch this space, or even better sign up to our waitlist!